I can't say the same thing for our 2014 Hyundai Sonata. Totaled. It's times like these that you really appreciate having good insurance.

Good insurance, however, doesn't have to cost an arm and a leg. Here are some tips on how to reduce your auto insurance premiums.

1. Get Multiple Quotes

Getting quotes from multiple insurance companies seems like an obvious starting point. Yet I must confess to having purchased car insurance in the past without comparison shopping. Call it inertia. I stuck with the same carrier I've used for years. My wife might call it laziness.

You might be surprised, however, by how much premiums can vary. As part of a study of car insurance in California, my team compared auto rates for various hypothetical drivers. In one case, the quotes for an identical policy ranged from $504 a month up to $1,488.

With tools like this one, you can get multiple quotes online in minutes.

2. Consider the Car You Drive

The type of car you drive has a significant effect on car insurance premiums. In one study on the least and most expensive cars to insure, annual rates ranged from $1,112 (Honda Odyssey LX) to $3,835 (Mercedes S65 AMG Convertible).

You can estimate the cost of care insurance before buying using this tool from careinsurance.com. You can also call your existing insurance carrier or agent.

3. Adjust Your Deductible

Insurance is a necessary evil. Whether life, health or auto, insurance protects us against losses we could not otherwise handle financially. We should, therefore, have the insurance we need to handle unacceptable losses, but no more.

A $100 deductible is far too low for many. If you can handle a $1,000 loss, why set a deductible at $100 or $250? You're just buying insurance you don't need.

So how much can you save by raising your deductible? The answer will vary, so it's best to consult with your insurance carrier. But one study found you can save 9% by raising your deductible from $500 to $1,000.

4. Combine Policies

If you have multiple insurance policies, there are two good reasons to combine them with one carrier. First, it's an easy way to simplify your finances. Working with one carrier is much easier than working with two or more.

Second, you can get a discount. We qualify for a discount because we combine our auto and homeowner's insurance with one company.

5. Guard Your Credit

In most states, insurance carriers factor in your credit history in setting premiums. Studies have shown that there is a meaningful correlation between how we handle our finances and claims history.

And the difference in premiums can be significant. According to Consumer Reports:

Oursingle drivers who had merely good scores paid $68 to $526 more per year, on average, than similar drivers with the best scores, depending on the state they called home.

In Virginia, for example, Consumer Reports found that a poor credit score can cost a driver $1,513 more in annual premiums.